Can It Be Done And Does It Make Sense?

Me and my band will start recording our debut album soon. To save some money, we decided to home record all guitars. Then we send our dry signal tracks to be reamped at the studio.

I own a pod X3 bean, which will serve as the sound processor for monitoring the recordings. So we do not intend to use it as an audio interface. Our current setup is like this:

guitar>Radial J48>Roland Edirol FA 66 Audio interface. The pod is connected like this: J48 thru>pod>Edirol. We use software monitoring to monitor the pod.

There has been some deliberating on the quality of the Edirol's pre amps. Since money IS an issue (otherwise we wouldnt reamp), buying another interface with better preamps really isnt what we want to do. So this is what Im curious about: is it possible to connect it like this:

If you just want to record dry guitar tracks, there's a much easier way with the X3. The X3 actually has 8 tracks of audio output over USB. Tracks 7 & 8 are the dry sends from the inputs. I think that will be much easier than going down the road you're looking at.